The benefits of a prenup

By Berman & Asbel, LLP posted in Divorce on Tuesday, February 28, 2017.

Couples in Pennsylvania who are considering marriage may also want to consider completing a prenuptial agreement. There are various situations in which having a prenup may be beneficial.

A prenup is a written contract that details the obligations of both parties should the relationship end in divorce, annulment, separation or death. It specifies the ownership of certain assets, how the assets are to be allocated and which assets are considered joint property. In addition, it provides clarification regarding other important issues, such as alimony, child support and inheritances.

A prenup requires both parties to be completely truthful. It is used to address and resolve issues that can become complicated if they have to be addressed during a divorce.

Completing a prenup is advisable if there is a stark difference in the net worth of each party. The prenup can be used to ensure that an individual is not compelled to give away an exorbitant amount of assets to an ex-spouse during a divorce. The contract can also offer protection from the substantial debt of a spouse by including provisions that release both parties from being liable for the debts accumulated by the other party.

Business owners and individuals who have children from a prior relationship may also benefit from a prenup. An entrepreneur can ensure that the assets to their business remains theirs or within their family in the event of a divorce. Individuals who want to make certain that their assets are able to pass to their children if the marriage ends by divorce or death can have this condition stipulated in a prenup.

A family law attorney may help a divorce client obtain favorable settlement terms. The lawyer may engage in litigation to ensure that a client's rights are protected in regards to alimony, property division and child support.

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